BNI 1st-half profit up<\/p>\n
JAKARTA: State Bank Negara Indonesian (BNI) said on Wednesday
\nits first-half net profit rose 7.7 percent to Rp 1.512 trillion
\n(about US$170 million), benefiting from Bank Indonesia's lower
\nbenchmark rates over the period.<\/p>\n
The bank said its interest costs fell by Rp 346 billion to Rp
\n5.317 trillion, and its interest earnings rose by 252 billion to
\nRp 7.258 trillion.<\/p>\n
Its unaudited first half capital adequacy ratio (CAR) stood at
\n18.22 percent, up from 17.28 percent last year.<\/p>\n
\"The decline in Bank Indonesia's rates has lowered the cost of
\nserving interest payments (on customer deposits),\" said BNI's
\ndirector for risk management, Binsar Pangaribuan.<\/p>\n
Bank Indonesia's benchmark rates have fallen by about two
\npercentage points on the back of a stronger rupiah in the first
\nsix months of this year.<\/p>\n
Binsar said BNI's overseas branches were also performing
\nbetter than last year. He gave no details, but said BNI had
\nbranches in Singapore, Hong Kong, Tokyo, New York and London.
\n--JP<\/p>\n
;JP;bkm;
\nANPAf..r..
\nCorporateBriefs-Yellowpages-sold
\nYellow pages sold for US$7.05b
\nJP\/14\/Brief1<\/p>\n
Yellow pages sold for US$7.05b<\/p>\n
DENVER, Colorado : Embattled telecoms group Qwest
\nCommunications, struggling to lighten a heavy debt burden,
\nannounced Tuesday it had struck a deal to sell its yellow pages
\nbusiness for US$7.05 billion to a newly formed consortium.<\/p>\n
Qwest shares shot up 31.70 percent on the news.<\/p>\n
The group said its directories publishing business QwestDex
\nwould be sold to a new entity formed by two private equity firms:
\nThe Carlyle Group, and Welsh, Carson, Anderson and Stowe.<\/p>\n
Qwest is on a selling spree as it seeks to slash a mountain of
\nshort-and long-term debts amounting to more than $25 billion,
\nrevealed in company accounts this month.<\/p>\n
\"As we promised, we are moving aggressively to take the
\nnecessary steps to ensure the long-term success of the company
\nand our ability to continue to provide world-class services to
\nour customers,\" Qwest chairman and chief executive Richard
\nNotebaert said in a statement.<\/p>\n
\"The sale of QwestDex is a significant part of our plan to
\ndeliver and strengthen our balance sheet and will allow us to
\nfocus on maximizing the profitability of our core operations.\"
\n--AFP<\/p>\n
;JP;bkm;
\nANPAf..r..
\nCorporateBriefs-Ramayana-profit
\nRamayana profit drops 43 %: Report
\nJP\/14\/Brief1<\/p>\n
Ramayana profit drops 43 %: Report<\/p>\n
JAKARTA : PT Ramayana Lestari Sentosa, one of Indonesia's largest
\ndepartment store operators, Wednesday reported a 43 percent fall
\nin first-half net profit to Rp 84.69 billion, due to foreign
\nexchange losses and a decline in interest income.<\/p>\n
Ramayana posted net profit of Rp 147.41 billion a year
\nearlier.<\/p>\n
Interest income decreased to Rp 34.84 billion from Rp 41.19
\nbillion. The company also booked foreign exchange losses of Rp
\n16.96 billion, swinging from foreign exchange gains of Rp 69.91
\nbillion a year earlier.<\/p>\n
It didn't provide further comment on its performance.<\/p>\n
Analysts said Ramayana is cash-rich and is parking excess
\nfunds in time deposits. Consequently, declining interest rates in
\nIndonesia's dragged down the company's interest income.<\/p>\n
The company's assets expanded to Rp 2.06 trillion from Rp 1.63
\ntrillion.<\/p>\n
Sales rose to Rp 1.25 trillion from Rp 971.61 billion in the
\nyear-ago first half, boosting gross profit to Rp 346.07 billion
\nfrom Rp 254.63 billion, and operating income to Rp 78.27 billion
\nfrom Rp 75.07 billion.<\/p>\n
This means that on the operating level, the company grew
\nduring the first half compared with the same period last year. --
\nDow Jones
\n
\n;JP;bkm;
\nANPAf..r..
\nCorporateBriefs-AOL-AT&T
\nAOL to pay AT&T US$9b
\nJP\/14\/Brief1<\/p>\n
AOL to pay AT&T US$9b<\/p>\n
NEW YORK : AOL Time Warner Inc. will pay AT&T Corp. as much as
\nUS$9 billion in cash and stock, as well as an ownership stake in
\na new cable company, to unwind a complicated joint venture
\ninvolving Time Warner Entertainment, according to published
\nreports.<\/p>\n
The deal had been anticipated following a decision late last
\nmonth by the two companies to delay a move toward an initial
\npublic offering of stock in Time Warner Entertainment, or TWE.
\nAOL Time Warner owns a little less than three-fourths of TWE, and
\nAT&T owns the rest.<\/p>\n
Under the terms of the deal, which was expected to be
\nannounced Wednesday, AOL gets full ownership of Warner Bros. film
\nstudio and Home Box Office.<\/p>\n
In return, AT&T gets about $2 billion in cash, $1.5 billion in
\nAOL Time Warner shares and a 21 percent stake in a newly created
\nTime Warner Cable company, The New York Times and The Wall Street
\nJournal reported late Tuesday on their Web sites.<\/p>\n
The deal's value is expected to range from $8.5 billion to $9
\nbillion, based on the current values of cable stocks and AOL
\nshares, the Journal reported. --AP.<\/p>\n
;JP;bkm;
\nANPAf..r..
\nCorporateBriefs-Siemens-jobs
\nSiemens to cut 1,300 more jobs
\nJP\/14\/Brief1<\/p>\n
Siemens to cut 1,300 more jobs<\/p>\n
MUNICH, Germany : The German electronics giant Siemens plans
\nto cut an additional 1,300 jobs in its ICN fixed telephone
\nnetworks division on top of the 16,500 already announced, a
\nspokesman said on Wednesday.<\/p>\n
Only the day before, Siemens had said it was planning
\nadditional job cuts in the ICN division, but it had not provided
\na concrete number. --AFP.<\/p>",
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